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Flutter Entertainment plc（FLUT）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
Flutter Entertainment plc的季度营收约是硕腾的2.0倍（$4.7B vs $2.4B），硕腾净利率更高（25.3% vs 0.2%，领先25.1%），Flutter Entertainment plc同比增速更快（24.9% vs 3.0%），硕腾自由现金流更多（$732.0M vs $392.0M），过去两年Flutter Entertainment plc的营收复合增速更高（18.1% vs 4.4%）
Flutter Entertainment plc是爱尔兰裔美国跨国体育博彩及娱乐博彩企业，于纽约证券交易所主上市，同时在伦敦证券交易所第二上市，旗下拥有Betfair、FanDuel、Paddy Power、PokerStars、Sky Betting & Gaming、Sportsbet等知名品牌，是全球规模最大的在线博彩运营商。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
FLUT vs ZTS — 直观对比
营收规模更大
FLUT
是对方的2.0倍
$2.4B
营收增速更快
FLUT
高出21.9%
3.0%
净利率更高
ZTS
高出25.1%
0.2%
自由现金流更多
ZTS
多$340.0M
$392.0M
两年增速更快
FLUT
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.4B |
| 净利润 | $10.0M | $603.0M |
| 毛利率 | 44.5% | 70.2% |
| 营业利润率 | 5.4% | 31.9% |
| 净利率 | 0.2% | 25.3% |
| 营收同比 | 24.9% | 3.0% |
| 净利润同比 | -93.6% | 3.8% |
| 每股收益（稀释后） | $0.00 | $1.37 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FLUTZTS
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $3.8B | $2.4B | ||
| Q2 25 | $4.2B | $2.5B | ||
| Q1 25 | $3.7B | $2.2B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $3.6B | $2.4B | ||
| Q1 24 | $3.4B | $2.2B |
净利润FLUTZTS
| Q4 25 | $10.0M | $603.0M | ||
| Q3 25 | $-789.0M | $721.0M | ||
| Q2 25 | $37.0M | $718.0M | ||
| Q1 25 | $335.0M | $631.0M | ||
| Q4 24 | $156.0M | $581.0M | ||
| Q3 24 | $-114.0M | $682.0M | ||
| Q2 24 | $297.0M | $624.0M | ||
| Q1 24 | $-177.0M | $599.0M |
毛利率FLUTZTS
| Q4 25 | 44.5% | 70.2% | ||
| Q3 25 | 42.9% | 71.5% | ||
| Q2 25 | 46.8% | 73.6% | ||
| Q1 25 | 46.6% | 72.0% | ||
| Q4 24 | 48.2% | 69.5% | ||
| Q3 24 | 46.1% | 70.6% | ||
| Q2 24 | 49.2% | 71.7% | ||
| Q1 24 | 47.2% | 70.6% |
营业利润率FLUTZTS
| Q4 25 | 5.4% | 31.9% | ||
| Q3 25 | -22.0% | 37.0% | ||
| Q2 25 | 9.3% | 36.7% | ||
| Q1 25 | 6.1% | 36.5% | ||
| Q4 24 | 7.4% | 31.6% | ||
| Q3 24 | 3.0% | 36.6% | ||
| Q2 24 | 10.2% | 33.0% | ||
| Q1 24 | 3.7% | 34.1% |
净利率FLUTZTS
| Q4 25 | 0.2% | 25.3% | ||
| Q3 25 | -20.8% | 30.0% | ||
| Q2 25 | 0.9% | 29.2% | ||
| Q1 25 | 9.1% | 28.4% | ||
| Q4 24 | 4.1% | 25.1% | ||
| Q3 24 | -3.5% | 28.6% | ||
| Q2 24 | 8.2% | 26.4% | ||
| Q1 24 | -5.2% | 27.4% |
每股收益（稀释后）FLUTZTS
| Q4 25 | $0.00 | $1.37 | ||
| Q3 25 | $-3.91 | $1.63 | ||
| Q2 25 | $0.59 | $1.61 | ||
| Q1 25 | $1.57 | $1.41 | ||
| Q4 24 | $0.47 | $1.29 | ||
| Q3 24 | $-0.58 | $1.50 | ||
| Q2 24 | $1.45 | $1.37 | ||
| Q1 24 | $-1.10 | $1.31 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.8B | — |
| 总债务越低越好 | $12.3B | — |
| 股东权益账面价值 | $9.0B | $3.3B |
| 总资产 | $29.3B | $15.5B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
现金及短期投资FLUTZTS
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.4B | $2.0B |
总债务FLUTZTS
| Q4 25 | $12.3B | — | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $10.0B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $6.9B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $6.8B | — |
股东权益FLUTZTS
| Q4 25 | $9.0B | $3.3B | ||
| Q3 25 | $9.2B | $5.4B | ||
| Q2 25 | $10.2B | $5.0B | ||
| Q1 25 | $9.9B | $4.7B | ||
| Q4 24 | $9.3B | $4.8B | ||
| Q3 24 | $10.2B | $5.2B | ||
| Q2 24 | $9.9B | $5.0B | ||
| Q1 24 | $9.5B | $5.1B |
总资产FLUTZTS
| Q4 25 | $29.3B | $15.5B | ||
| Q3 25 | $29.3B | $15.2B | ||
| Q2 25 | $29.9B | $14.5B | ||
| Q1 25 | $24.8B | $14.1B | ||
| Q4 24 | $24.5B | $14.2B | ||
| Q3 24 | $25.5B | $14.4B | ||
| Q2 24 | $24.3B | $14.2B | ||
| Q1 24 | $24.4B | $14.3B |
负债/权益比FLUTZTS
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.72× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 0.72× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $428.0M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $392.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 8.3% | 30.7% |
| 资本支出强度资本支出/营收 | 0.8% | 6.7% |
| 现金转化率经营现金流/净利润 | 42.80× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.3B |
8季度趋势，按日历期对齐
经营现金流FLUTZTS
| Q4 25 | $428.0M | $893.0M | ||
| Q3 25 | $209.0M | $938.0M | ||
| Q2 25 | $359.0M | $486.0M | ||
| Q1 25 | $188.0M | $587.0M | ||
| Q4 24 | $652.0M | $905.0M | ||
| Q3 24 | $290.0M | $951.0M | ||
| Q2 24 | $323.0M | $502.0M | ||
| Q1 24 | $337.0M | $595.0M |
自由现金流FLUTZTS
| Q4 25 | $392.0M | $732.0M | ||
| Q3 25 | $196.0M | $805.0M | ||
| Q2 25 | $322.0M | $308.0M | ||
| Q1 25 | $169.0M | $438.0M | ||
| Q4 24 | $595.0M | $689.0M | ||
| Q3 24 | $253.0M | $784.0M | ||
| Q2 24 | $295.0M | $370.0M | ||
| Q1 24 | $315.0M | $455.0M |
自由现金流率FLUTZTS
| Q4 25 | 8.3% | 30.7% | ||
| Q3 25 | 5.2% | 33.5% | ||
| Q2 25 | 7.7% | 12.5% | ||
| Q1 25 | 4.6% | 19.7% | ||
| Q4 24 | 15.7% | 29.7% | ||
| Q3 24 | 7.8% | 32.8% | ||
| Q2 24 | 8.2% | 15.7% | ||
| Q1 24 | 9.3% | 20.8% |
资本支出强度FLUTZTS
| Q4 25 | 0.8% | 6.7% | ||
| Q3 25 | 0.3% | 5.5% | ||
| Q2 25 | 0.9% | 7.2% | ||
| Q1 25 | 0.5% | 6.7% | ||
| Q4 24 | 1.5% | 9.3% | ||
| Q3 24 | 1.1% | 7.0% | ||
| Q2 24 | 0.8% | 5.6% | ||
| Q1 24 | 0.6% | 6.4% |
现金转化率FLUTZTS
| Q4 25 | 42.80× | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 9.70× | 0.68× | ||
| Q1 25 | 0.56× | 0.93× | ||
| Q4 24 | 4.18× | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 1.09× | 0.80× | ||
| Q1 24 | — | 0.99× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
